Intermediary registration governs bullion market participation, requiring certification, fit-and-proper compliance, and hearing before non-voluntary suspension or cancellation.

Bullion market intermediaries may participate in bullion-market activities only under a certificate of registration and subject to prescribed conditions. Applicants must satisfy fit and proper criteria, file applications in the specified form and manner, and pay prescribed fees. The relevant bullion exchange, clearing corporation or depository processes applications for eligibility and forwards recommendations for registration. Registration may be suspended or cancelled, but a hearing is required except for voluntary surrender. Voluntary surrender becomes effective only upon approval.

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